Recent sale prices and asking prices point to a narrower lane than many owners expect.
If you are thinking about putting a multifamily property on the market in Glendale, NY, the big question is simple do you have room to push pricing, or do you need to stay disciplined from day one? My answer is disciplined, because recent closings landed at a typical price of $1,017,000 over the previous 30 days while the typical asking price for active listings sat at $1,250,000, and that spread tells me buyers are still making sellers earn every dollar.
Over the previous 30 days, supply in Glendale, NY stood at 7.4 months, and typical offers closed at 98.2% of asking. A typical sale also took 65 days. Put together, that is not a setup for casual overpricing if your goal is to move, not just test the market. My read is that sellers in Glendale, NY have opportunity, but not unlimited leverage. The typical asking price for active multifamily listings was $1,250,000 last month, yet the typical sold price was $1,017,000, and the recent three-month median for closed properties was $902,000. That range tells me pricing has to reflect what buyers are actually choosing, not just what active sellers are hoping to get. Start with the strongest recent comparable sales, not the highest active listing you can find. Build your price around the properties that actually closed. Fix the issues a buyer will notice in the first walk-through. If timing matters, I would also map out a price adjustment plan before you launch so you are not making emotional decisions after weeks on the market.
About Allstar Team
Allstar Team is a licensed Real Estate Professional affiliated with RE/MAX City Square, specializing in the Glendale market. With a focus on strategic marketing and deep local knowledge, Allstar Team provides clients with expert guidance in navigating complex real estate transactions. View full profile →
